Marco Boldini and Naomi Burger join PwC and EY in London

28 March 2018 Authored by Consultancy.uk

As 2018 sees the British economy mired in uncertainties relating to Brexit, poor productivity, and digital disruption, two of the world’s largest professional services firms are strengthening their hands in the UK market. PwC has bolstered its financial services regulatory practice ahead of Brexit, with the hiring of Director Marco Boldini, while EY has appointed former Deloitte employee Naomi Burger to boost its actuarial team.

Marco Boldini has joined PwC’s London-located legal team as a Director in its Financial Services Regulatory practice. Boldini arrives at the Big Four firm from asset management company ETF Securities. In his most recent role there, he was European Regulatory Director, overseeing all regulatory functions across Europe and analysing the impact of emerging regulation.

A former Gianni, Origoni, Grippo, & Partners lawyer, Boldini was previously cited as a rising star in the 2017 GC Powerlist (a series of publications, highlighting the most influential in-house lawyers in business). He announced that he was leaving the ETF in September 2017, after more than four years of service, stating at the time that his appointment at PwC was to be “another step in PwC building their legal capability”, and that it was key for the firm to develop its “regulatory legal expertise in the asset management industry”.

The UK’s financial services industry continues to face a growing volume of regulatory change, as both international and domestic legislators craft rules to improve the functioning of the industry that is still ailing in the eyes of many,. According to a recent survey from Thomson Reuters among 600 compliance practitioners in financial services, the end of regulatory pressure is by no means in sight – with nearly two-thirds of respondents expecting their workload from compliance-related activities to increase over the next year.  Marco Boldini and Naomi BurgerMeanwhile, with Brexit negotiations still in turmoil, raising the possibility of an unpredictable regulatory environment with regards to EU/UK trade relations, demand for consultants specialising in regulatory advice could spike even further. In line with this, at PwC, Boldini will now lead and build on the firm’s legal regulatory offering to its asset management clients, advising on matters such as the impact of Brexit on the cross-border distribution of financial products in Europe, the challenges on the distribution of financial products after MIFID II implementation and local EU market restrictions on the distribution of financial products.

Commenting on the growth of PwC’s legal team, Ed Stacey, who was also recently hired by PwC, as head of legal services, said, “We are delighted to have Marco joining our growing legal practice. As we see the impact of  regulation continue and Brexit negotiations gather momentum, his expertise will help us further develop our financial services practice and support for clients in the asset management sector.”  

Marco Boldini added, “I am excited to join PwC to lead the legal asset management team and to build a truly distinctive multi-disciplinary offering in the market.  I’m excited to be able to combine my industry expertise with my legal advisory experience to advise our asset management clients on regulatory matters.”

Actuarial expansion

Naomi Burger has meanwhile arrived as a Partner at PwC’s Big Four rivals EY. The firm is continuing a drive to expand its headcount across various sectors, including its Midlands financial services team, and its more than 220 strong national actuarial practice. EY was the only member of the Big Four to be listed among career website LinkedIn’s top 25 prospective employers in the UK, reflecting this consistent effort to grow its workforce. 

Burger is the sixth new Actuarial Partner appointment at EY in the last 18 months alone. James Tufts re-joined the firm to lead the practice from Guardian Financial Services, while Mark Godson and Niranjan Nathan both joined from the Swiss Re Group. In addition, Gareth Mee and Ruth Nelmes were promoted internally to Partner.

The latest appointment sees Naomi Burger arrive from Deloitte, where she has worked since 2011, and was most recently a Partner. Prior to her time at the Big Four firm, Burger was a Senior Investment Consultant at Willis Towers Watson, having joined the pensions and actuarial consultancy in 2008. Earlier in her career, Burger also spent an extended spell accruing experience in the Asian insurance market. During a ten-year spell in Hong Kong, Burger became a Director for Watson Wyatt, having also worked as an Actuarial Consultant with NMG Financial Services Consulting between 1995 and 1998, in Singapore.

In her new London-based role, Burger will focus on capital management and restructuring, M&A and investment advisory solutions in the UK and the wider European insurance sector. Change management is a key risk faced by the insurance industry at present, with Brexit and a host of other new issues meaning that firms hoping to get the most from acquisitions campaigns and investment need to be aware of moving goalposts in the industry.

Commenting on the appointment, James Tufts, Head of UK Life & Pensions at EY, said, “The insurance industry has already seen a number of large deals over recent months as companies look to consolidate, and with Brexit drawing ever closer, activity is expected to ramp up as firms assess their operational models to ensure they’re set up for success once we leave the EU. Naomi brings crucial skills to the role that will help our clients to make the important decisions over the next few months and years. It is very exciting to see our practice expand, as the skills that actuaries provide become more and more widely valued.”

Remarking on her appointment, Burger added, “The growth opportunities for the business are fantastic and I’m very excited to be joining the team at this time.”

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